Paddy Power Betfair says in discussions to buy Fanduel

"No great surprise therefore to see some moves already in the space and making the early running in terms of deals is PaddyPower Betfair, which is raising its stake in the battle for USA sports betting market share". They presently have a GBX 7,500 ($104.60) price target on the stock. Paddy Power shares rose 5.5% to 81.90 pounds at 9:45 a.m.

Revenue from the company's USA operations increased 23% year-on-year according to Paddy Power Betfair's latest Q1 report. Deutsche Bank reiterated a "buy" rating on shares of Paddy Power Betfair in a research report on Friday, March 9th. Paddy Power's stock was up 1.1pc at £78.50 in morning trade. Finally, Numis Securities reissued an "add" rating and issued a GBX 8,320 ($112.86) target price on shares of Paddy Power Betfair in a report on Wednesday, May 2nd. Eight equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The company had a trading volume of 190,240 shares, compared to its average volume of 192,747. Paddy Power Betfair now has an average rating of "Hold" and a consensus target price of GBX 7,627.50 ($103.47). Paddy Power Betfair has a one year low of GBX 6,572.50 ($89.15) and a one year high of GBX 8,967 ($121.64).

Paddy Power-Betfair, the company that owns and operates TVG and an exchange-wagering system in New Jersey, confirmed on Wednesday that it is in talks with FanDuel, a daily fantasy sports operator, on a potential merger.

They closed up a further 6% on Wednesday at £82.15 as markets digested the potential for the company to add FanDuel to its existing United States operation.

Under New Jersey's sports-betting laws, only casinos and racetracks will be able to take bets on sports.

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